Oil prices are also falling today after they saw a spike yesterday on reports of a Saudi pipeline explosion. These reports were later said to be false according to a Saudi oil minister. Oil prices are still high though and are trading above $107/barrel.
Yelp! Inc. (NYSE:YELP) had its IPO this morning and shares soared 60%. Shares of YELP are currently trading at $24.77.
As we take a look at the main indices this morning the Dow is down 31 points, the Nasdaq is down 2 points and the S&P 500 is down 3 points.
Renren Inc. (NYSE:RENN) is up 7.66% this morning at $5.89. RENN hit an intraday high of $6.09 shortly after market open with 7.1 million shares traded. The stock trades about 7.9 million shares a day on average. Renren announced the first SNS application in Microsoft Windows 8 store. The company has a market cap of 2.34 billion.
Quepasa Corporation (AMEX:QPSA) is up 8.72% in early trading at $4.4139. QPSA has traded 613 thousand shares already today, above its average of 597 thousand shares. Quepasa announced fourth quarter results after market close yesterday. The company posted record revenue of $6.3 million in the fourth quarter. Revenue for the full year was $11.9 million. The company has a market cap of 151.17 million.
Sina Corporation (NASDAQ:SINA) is up 8.11% today at $75.42. SINA has traded 3.2 million shares so far this morning and trades 5.5 million shares a day on average. SINA shares have jumped about $15 a share in the past week after CEO of Sina says Weibo to provide revenue this year. The company has a market cap of 4.94 billion.
BGC Partners, Inc. (NASDAQ:BGCP) is up 6.42% this morning at $7.46. BGCP is up on heavy volume today with 1.7 million shares traded, more than double its average volume. BGCP shares are up more than $1 a share this year. The company has a market cap of 991.39 million.
Motricity, Inc. (NASDAQ:MOTR) is down 13.64% today at $1.1399. MOTR has traded 968 thousand shares so far today and trades 1.7 million shares a day on average. Motricity reported fourth quarter and fiscal 2011 results late yesterday. Revenue was $24.5 million, down from $36.0 million last year. For the full year revenue fell 9% to $121.7 million compared to 2010. The company has a market cap of 51.89 million.
Dex One Corporation (NYSE:DEXO) is down 6.25% today at $1.6875. DEXO has traded 622 thousand shares so far today and trades 1.4 million shares a day on average. DEXO are slipping today after reporting fourth quarter results within guidance yesterday. The company has a market cap of 84.90 million.